India 39th in Most Competitive Economy Index by WEF Jumped 16 Spots - Important
India is at 39th position in the index of most competitive economy 2016 - 17. The index is released by World Economic Forum (WEF) in the list of 138 countries. India has not become second fastest growing BRICS country after China.
India has jumped 16 spots and claimed 39th rank in one year. Previously in 2015 - 16 India was ranked at 55th. This is the largest gain ever made by any country in most competitive economy index.
The Index is based on:
Basic business requirements
Efficiency enhancers
Innovation and sophistication factor
Key Facts
India՚s achievement is based on the improved monetary, fiscal policies and lower oil prices that have helped India stabilize and claim the highest growth among G20 countries. Reform efforts are mainly focused on:
Improving public institutions (up 16)
Opening the economy to foreign investors and international trade (up 4)
Increasing transparency in the financial system (up 15)
For eight successive years, Switzerland has managed to top the index and is followed by Singapore.
Top Ten Countries
Table shows Top Ten Countries
Country
Ranking 2016 - 17
Ranking 2015 - 16
Switzerland
1
1
Singapore
2
2
United States
3
3
Netherlands
4
5
Germany
5
4
Sweden
6
9
United Kingdom
7
10
Japan
8
6
Hong Kong SAR
9
7
Finland
10
8
BRICS Countries Rank
Table shows BRICS Countries Rank
Country
Ranking 2016 - 17
Ranking 2015 - 16
China
28
28
India
39
55
Russia
43
45
South Africa
47
49
Brazil
91
75
India was ranked at 59th position in 2012 - 13. At 60th position in 2013 - 14 edition of Global Competitiveness Index.
Along with India other countries which climbed are:
Table shows India and other countries climbed
Country
Ranking 2016 - 17
Ranking 2015 - 16
Climbed
India
39
55
16
Albania2
80
93
13
Jamaica
75
89
11
Bhutan
97
105
8
Malta
40
48
8
Panama
42
50
8
Botswana
64
71
7
Georgia
59
66
7
Dominican Republic
92
98
6
Mexico
51
57
6
12 Pillars of India on Competitiveness
The competitiveness index is based on 3 main indicators made up of 7 pillars. Index is prepared based on overall ranking on those 7 pillars. All countries are given 1 - 7 points in each of the pillars.
Table shows 12 Pillars of India on Competitiveness
Sub Index
Rank from 138 Countries
Score (1 - 7)
India (Overall)
39
4.5
Basic Requirements
63
4.6
Pillar 1: Institution
42
4.4
Pillar 2: Infrastructure
68
4.0
Pillar 3: Macroeconomic environment
75
4.5
Pillar 4: Health and Primary education
85
5.5
Efficiency enhancers
46
4.4
Pillar 5: Higher education and training
81
4.1
Pillar 6: Goods market efficiency
60
4.4
Pillar 7: Labour market development
84
4.1
Pillar 8: Technological readiness
38
4.4
Pillar 9: Financial market development
110
3.0
Pillar 10: Market size
3
6.4
Innovation and sophistication factor
30
4.2
Pillar 11: Business Sophistication
35
4.4
Pillar 12: Innovation
29
4.0
About WEF (The World Economic Forum)
Swiss nonprofit foundation.
Established in 1971 by the Swiss authorities as an international institution for public-private cooperation.